There is an aggressive demand for inventory among investment property buyers due in part to current market conditions. Unfortunately this high demand over the last few decades has caused an increase in less than optimal standards in construction in an attempt to supply the market. Conducting thorough Due Diligence inspections is the only way to avoid unnecessary maintenance costs associated with potentially unsound construction.
Apartments are a combination of both residential and commercial projects. Therefore it is necessary to know where and how the reoccurring construction problems tend to arise with this specific combination. Buyers must be prepared to conduct investigations on an almost forensic level.Common issues such as water penetration may remain concealed behind finish materials such as concrete. A potential investment should be reviewed even down to its architectural structure to identify the potential for corrosive manifestation.
This sort of mindset for a completely thorough Due Diligence inspection process will help the buyer to successfully negotiate sales based on existing standards; ultimately saving thousands to millions in capital expense. The success of such an inspection process requires in depth documentation to substantiate any specific claims; as well clear communication among team members and between buyers and sellers. As it goes with the the proper completion of any task, utilizing the correct tools is an essential component in achieving success.